February 10, 2010
Fox News Part Owned by Red China
There are 2.62 billion shares outstanding of Rupert Murdoch's New York City based News Corp., the parent of "The Most Powerful Name in News" Fox News Channel. Of those shares 300,000 valued at over $4 million (US dollars) are owned by the China Investment Corporation - the sovereign wealth fund (SWF) of the People's Republic of China. The holdings of News Corp. represent the only media investment by Communist China.
In perspective China owns only a small piece of News Corp. But the shares are Class A which have special rights. And often the purchase of Class A shares implies that more shares are anticipated as the initial upfront investment declines with additional investment.
The bigger question though is do conflicts of interest exist between Rupert Murdoch's desire to build business in China, Beijing's investment in his company, and the reporting of Fox News?....
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